Ship this! FedEx tops estimates, stock up

Shares of express shipper FedEx (FDX) are up about 5% Wednesday after the company beat quarterly profit forecasts.

Strong demand for online shipping delivery services was a big driver for FedEx’s results. The company reported a quarterly profit of $2.46 a share, topping estimates by 5%, says S&P Capital IQ. Shares jumped $7.18, or 5%, to $147.49 in midday trading.

The strong fourth-quarter results are encouraging to investors stunned by the company’s poor performance in the previous quarter due to weather-related problems. FedEx reported a quarterly profit of $1.23 in the quarter ended February 2014, missing views by 16%.